Who is Contingent Beneficiary in life insurance contract?

Who is Contingent Beneficiary and what its role in life insurance contract? Life insurance is basically contract between policy holder and insurance company. It states as long as premiums are paid as originally agree upon. Insured person dies during the term of coverage, dollar amount of the coverage is paid to the holder’s named beneficiary. But what happens if the name beneficiary is no longer alive at the time of the policy holder’s death? Common selections when first getting a term life insurance quote regarding the life of the policy.…

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